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December 7, 2023

Prism Group's Daily Summary



MORE TESTIMONY ON DEBT...The House Oversight Committee held a hearing yesterday entitled “Hidden Cost: The True Price of Federal Debt to American Taxpayers” featuring testimony from representatives of the Wharton School, Center for American Progress, and others on the growing problem of American debt. This hearing is part of a series of actions taken by Congress on debt in recent months spurred by Senators Mitt Romney and Manchin’s introduction of the Bipartisan Fiscal Stability Act, and congressional leaders have increasingly pushed for a bicameral commission on debt.


THE STATE OF THE STATES


SESSIONS BY THE NUMBERS:

Four state legislatures are in session. Georgia is in special session.

WHAT WE'RE WATCHING:

Georgia will implement a flat income tax in January 2024 as dictated by a 2022 law, and Governor Brian Kemp and Republican leaders of the state’s legislature recently indicated that they intend to slash the income tax rate further than previously expected. The Republican leaders announced their intention to begin 2024 with a flat rate of 5.39%, rather than 5.49%.


Recent tax cuts in Nebraska will likely reduce the state’s revenue by $3.1 billion, a 7.6% decline, over the next five years, according to a report by the progressive think tank Center on Budget and Policy Priorities. The report states that Nebraska’s tax cuts are a component of a wider trend across 26 states.

LAWMAKERS... IN OR OUT?


The House... convenes today at 9:00 AM ET. The full schedule may be found here.

The Senate... convenes today at 10:00 AM ET. The full schedule may be found here.


HAPPENING ON THE HILL


The House...

Committee on Financial Services will hold a hearing TOMORROW, 12/8 at 9:00 AM titled “Connecting Communities: Building Innovation Ecosystems Across America.”

Committee on Financial Services will hold a hearing Tuesday, 12/12 at 2:00 PM titled “Examining the Agenda of Regulators, SROs, and Standards-Setters for Accounting, Auditing.”

Committee on Education and the Workforce will hold a hearing Wednesday, 12/13 at 10:15 AM on “Protecting Workers and Small Businesses from Biden’s Attack on Worker Free Choice and Economic Growth.”

The Senate...

Check back on Monday for possible updates.

BILLS OF INTEREST

  • Rep. Ritchie Torres (D-NY-15) introduced a bill to amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQI-owned businesses.

  • Rep. Shri Thanedar (D-MI-13) introduced a bill to amend the Internal Revenue Code of 1986 to provide a credit for investment in Community Development Financial Institutions.

  • Sen. Tammy Baldwin (D-WI) introduced a bill to authorize the Secretary of Commerce to establish a Resilient Communities Program to provide communities impacted by trade with grants for economic development.

AT THE AGENCIES

The US Department of Labor

The US Department of Labor issued a report on Unemployment Insurance Weekly Claims.


The US Department of the Treasury

Check back on Monday for possible updates.


The US Department of Commerce

Check back on Monday for possible updates.


The US Trade Representative

Check back on Monday for possible updates.


The US Small Business Administration

Check back on Monday for possible updates.

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